Report: Price of Housing in Twin Cities Region Skyrocketing

MINNEAPOLIS (AP) -- A new report using U.S. Census Bureau data shows the price of housing in the seven-county Twin Cities region is more expensive than cities such as Austin, Texas; Nashville, Tennessee and St. Louis, Missouri.

The Family Housing Fund study indicated the region is on a path to becoming as costly as Denver or Seattle.

The report also found that there is a substantial lack of housing in the Twin Cities to accommodate a burgeoning workforce.

Family Housing Fund President Ellen Sahli says that 1 in 5 employees in the Twin Cities region pay over 30% of their income each month for a place to live.

The report says that the housing shortfall could result in nearly 50,000 fewer jobs in the region in 20 years.